Wheat rises with Russian crop uncertainty
Wheat up as Russia uncertainty spurs short covering
Corn falls on positive weather outlook
Soy up on demand uptick and short covering
Updates with closing prices, crop progress data
By Heather Schlitz
CHICAGO, July 1 (Reuters) -Chicago wheat futures rose on Monday as traders covered short positions on uncertaintyover the size of Russia's wheat crop, while comparatively cheapprices enticed bargain buying, traders said.
Corn futures edged down onprolonged fallout from the U.S. Department of Agriculture's Friday acreage report that showed farmers had planted more corn than expected, and on forecasts of beneficial weather for the U.S. corn belt. Soybeans rose on signs of increased demand.
CBOT September soft red winter wheat WU24 settled up 16-3/4 cents at $5.90-1/4.
"The market is so oversold right now," Darin Fessler, hedge advisor at Lakefront Futures and Options, said. "Traders don't want to be short this market if they still don't have numbers from Russia."
Wheat prices drew further support from anuptick in demand for U.S. wheat as well as a U.S. winter wheat harvest that is farther along than the five-year average, traders said.
Corn Cv1 settled down 1/2 cent at $4.07 per bushel. The market had slumped to a low of $3.99-1/2 on Friday after USDA data was released, the lowest level since November 2020.
The amount of corn rated good or excellent by USDA after the market closed on Monday was a percentage point lower than analysts had expected, while soy was a point higher.
U.S. farmers planted more corn than the government forecast in March and less soybeans, the USDA data showed on Friday.
"The acres are going to haunt us for a long, long time," Fessler said.
Increased Chinese demand for U.S. soy and stronger soymeal and oil prices are helping soy futures.
China has booked higher volumes in recent weeks, traders and analysts said, drawn by lower prices and the prospect of Donald Trump returning as president and reigniting trade tensions between Beijing and the U.S., they said.
Reporting by Heather Schlitz; Editing by David Gregorio
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